Why Conducting an Asset Search is an Essential Due Diligence Tool

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The most obvious use of an asset search is when a client is injured in an automobile accident client or personal injury case. The attorney representing his clients must use due diligence to determine whether the person or entities responsible for the clients injuries and damages have assets to attach if there is insufficient insurance coverage. An attorney’s failure to inform the client of their right to find and possibly go after assets to make the client whole, exposes the attorney and their firm to a potential malpractice complaint. Since asset searches only cost between $185.00- $300.00 on the average, it makes no sense not to conduct a search or at the very least, propose that a search be conducted to the client. If the client refuses, the attorney is covered and more important, if the search is conducted, assets may be discovered and attached thereby further compensating the client and their attorney.

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